Australia’s property boom making the nation poorer

Discussion in 'Economics' started by themickey, May 20, 2021.

  1. JSOP


    And yet this is what's happening to local residents. These are people, mind you, are people with jobs and are middle class, some even high middle class making $100+K a year:

    Last edited: May 21, 2021
    #11     May 21, 2021
    beginner66 likes this.
  2. VicBee


    So you're saying Chinese are forcing people into the streets.... it's a obsession for you to blame the Chinese for everything.
    Ever heard of supply and demand? Just a fundamental tenet of capitalism... unless of course it's your country, your culture doing the buying and profiting from others, in which case it's all OK?
    #12     May 21, 2021
  3. themickey


    USA Real Estate
    Housing Is So Hot That U.S. Builders Have to Stop Taking Orders

    Long waiting lists, rising construction costs and labor shortages send new-home prices soaring

    By Prashant Gopal and Jordan Yadoo 20 May 2021
    As demand soars, homebuilders are shifting away from fixed prices. Photographer: Sergio Flores/Bloomberg

    Across the U.S., house prices are skyrocketing, bidding wars are the norm and supply is scarcer than ever. Now the market is too hot even for homebuilders.

    Demand is so fevered -- and construction costs are climbing so quickly -- that overwhelmed builders are suppressing orders and shifting away from fixed prices. Companies including D.R. Horton Inc. and Lennar Corp. are experimenting with blind auctions in areas such as Texas, Florida and southern California. Some smaller firms have stopped signing contracts altogether.

    “We’ve shut off sales until homes are nearly completed,” said Greg Yakim, a partner at CastleRock Communities, a privately held builder in Texas. “We have huge waiting lists.”

    In a global economy roiled by supply shortages, the U.S. housing market is struggling with a collision of pandemic-related forces that’s holding back new inventory just when it’s needed most. Buyers are stampeding for new homes as remote work upends employment, while soaring lumber costs and a shortage of workers are slowing construction. The result is home prices, already reaching unaffordable levels for many Americans, are set to keep rising.
    ....MORE ......
    #13     May 21, 2021
  4. themickey


    Wondering, is the stupid housing market going to be responsible for the collapse of civilization?
    Led by greedy agents and gummint with their snouts in this trough.
    #14     May 21, 2021
    TrailerParkTed likes this.
  5. JSOP


    It's the Chinese who's driving up demand and depleting the supply while not even using it after even buying the properties. I asked you before if China is so proud of creating this "property boom" in cities around the world, WHY does it itself ban foreigners from buying properties in China? Why not let foreigners create the same "property boom" as well in China? Why didn't you answer me?? Hypocrites!!

    And you are supposed to be American so you don't care when you see your fellow Americans live on the street when they can't afford to buy or even rent properties after the Chinese and the foreign buyers have driven up the demand and depleted the supply??

    Stop lying and admit you are a Chinese spy pretending to be an American!!
    #15     May 21, 2021
    TrailerParkTed and Specterx like this.
  6. Australia is one of the least population-dense countries in the world. There is no reason for property to be expensive there except regulatory capture. I don't know about the conditions in australia, but in the SF bay area it takes years of lawyering up to get approval to build ANYTHING.
    #16     May 21, 2021
  7. Indeed, you got it.

    Property owners are better off due to demand and society as a whole is worse off because the younger generation is priced out. Which part is hard to grasp? Willing to help you if I can.

    #17     May 21, 2021
  8. So, let's not allow ANY Chinese who is not a citizen nor permanent resident to purchase property abroad. By the way China requires giving up citizenship when becoming citizen abroad. You think any of those people really do that? The real problem with Chinese culture is that it has an utter disregard for equality and mutual benefit. Those concepts do not exist. It's all about self benefit at the expense of the other side.

    That's why I am loud and fight against China, to wake people up to be harsher on Chinese and China. We should still hold China accountable for releasing the virus to the rest of the world so recklessly even though they already knew about it.

    #18     May 21, 2021
    beginner66 likes this.
  9. Why didnt you buy years ago? have not interest rates and mortages not been dirt cheap in Australia for the last 10 years like they have been here in the UK?
    Last edited: May 21, 2021
    #19     May 21, 2021
  10. I can tell you first and that even those seminars at Hong Kong hotels are all crowded by Mother fucking mainlanders. They infest everywhere they set foot in and turn it to shit. Hong Kong has turned into a cesspool, before it was one of the world's most exciting cities and fun cities. Now the bars are all crowded with some fat fucks from the mainland with their bored as shit looking 30 year younger prostitute girl friends. I really mean it from my heart, where ever mainland Chinese set foot in they turn things to shit. Because they don't care about anyone else.

    #20     May 21, 2021